1TSX-V: F

G R O W T H - O R I E N T E D U S G O L D P R O D U C E R

M a y 2 0 2 0

Fiore Gold Ltd. TSX-V: F OTCQB: FIOGF FSE: 2FO

2TSX-V: F

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTSThis presentation contains “forward-looking statements” and “forward looking information” (as defined under applicable securities laws), based on management’s best estimates, assumptions and current expectations. Such statements include but are not limited to, statements with respect to the plans for future exploration, development and expansion of mineral properties, all financial and production guidance, goal to become a 150,000 ounce/year gold producer, consolidation plans targeting complimentary operations, expectations regarding COVID-19 pandemic response, including the effectiveness of our response and impact on our operations, future production, costs and cash generation at the Pan Mine, benefits of the primary crushing circuit at the Pan Mine, potential to grow mineral resources and extend the mine life at the Pan Mine, drilling programs, the all descriptions of future operations and estimates in the Gold Rock PEA, mineral resource estimates and other plans regarding our Golden Eagle project, and prospects for the Company, upcoming catalysts and other statements, estimates or expectations. Often, but not always, these forward-looking statements can be identified by the use of forward-looking terminology such as “expects”, “expected”, “budgeted”, “targets”, “forecasts”, “intends”, “anticipates”, “scheduled”, “estimates”, “aims”, “will”, “believes”, “projects” and similar expressions (including negative variations) which by their nature refer to future events. By their very nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the Fiore Gold’s control. These statements should not be read as guarantees of future performance or results. Forward looking statements are based on the opinions and estimates of management at the date the statements are made, as well as a number of assumptions made by, and information currently available to, the Company concerning, among other things, anticipated geological formations, potential mineralization, future plans for exploration and/or development, potential future production, ability to obtain permits for future operations, drilling exposure, and exploration budgets and timing of expenditures, all of which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of Fiore Gold to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause actual results to vary materially from results anticipated by such forward looking statements include, but not limited to, risks related to the Pan Mine performance, risks related to the COVID-19 pandemic, including government restrictions impacting our operations, risks the pandemic poses to our work-force, impacts the virus may have on ability to obtain services and materials from our suppliers and contractors; risks related to the company’s limited operating history; risks related to international operations; risks related to general economic conditions, actual results of current or future exploration activities, unanticipated reclamation expenses; changes in project parameters as plans continue to be refined; fluctuations in prices of metals including gold; fluctuations in foreign currency exchange rates; increases in market prices of mining consumables; possible variations in ore reserves, grade or recovery rates; uncertainties involved in the interpretation of drilling results, test results and the estimation of gold resources and reserves; failure of plant, equipment or processes to operate as anticipated; the possibility that capital and operating costs may be higher than currently estimated; the possibility of cost overruns or unanticipated expenses in the work programs; availability of financing; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; delays in the completion of exploration, development or construction activities; the possibility that required permits may not be obtained, renewed or permits are subject to legal challenges; changes in national and local government regulation of mining operations, tax rules and regulations, and political and economic developments in countries in which Fiore Gold operates, and other factors identified in Fiore Gold’s filing with Canadian securities authorities under its profile at www.sedar.com. Although Fiore Gold has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The forward-looking statements and forward-looking information are made as of the date hereof and are qualified in their entirety by this cautionary statement. Fiore disclaims any obligation to revise or update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements or forward-looking information contained herein to reflect future results, events or developments, except as require by law. Accordingly, readers should not place undue reliance on forward-looking statements and information.

QUALIFIED PERSONThe scientific and technical information relating to Fiore Gold’s properties contained in this presentation was reviewed by J. Ross MacLean (MMSA) Fiore Gold’s Chief Operating Officer and a “Qualified Person” under National Instrument 43-101. Scientific and technical information referred herein has been extracted from and is hereby qualified by reference to the technical reports for our projects and mineral resource statements prepared by third-parties. The technical disclosure and mineral resource statements referenced herein are taken from: (1) the report titled “ NI 43-101 Updated Technical Report, Pan Gold Project, White Pine County, Nevada”, with an effective date of June 30, 2017, which was prepared by J. B. Pennington, M.Sc., C.P.G., Kent Hartley, P.E., Justin Smith, P.E., RM-SME., Deepak Malhotra, RM-SME, Valerie Sawyer, RM-SME, and Brooke J. Miller, M.Sc., C.P.G. as updated within the Pan Mine Reserve Statement, with an effective date of September 30, 2018, which was prepared by Kent Hartley, P.E., and Justin Smith, P.E., RM-SME; (2) the report titled “Technical Report on the Preliminary Economic Assessment of the Gold Rock Project, White Pine County, Nevada, USA” with an effective date of March 31, 2020, by Michael B. Dufresne, M.Sc., P.Geol., P.Geo., Gregory B, Sparks, B.Sc., P.Eng., Sam J. Shoemaker, Jr., B.S., SME Registered Member, Warren E. Black, M.Sc., P.Geo., and Steven J. Nicholls, BA.Sc., MAIG., (3) the May 19, 2020 news release titled “Fiore Gold Reports 2.0 Million Ounce Measured And Indicated Resource At Its Golden Eagle Project, Washington State, USA” which reported a mineral resource estimate with an effective data of March 31, 2020 prepared by Terre A. Lane, MMSA 01407QP, SME Registered Member 4053005, Principal Mining Engineer with Global Resource Engineering Ltd. Each of the persons named as having prepared the technical reports listed above is a “Qualified Person” under National Instrument 43-101 (“NI 43-101”).

DISCLAIMER: This presentation does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. No securities offered by the Fiore Gold have been or will be registered under the United States Securities Act of 1933 (“U.S. Securities Act”), as amended, or under state securities laws in the United States and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

DISCLAIMER

3TSX-V: F

Cash FlowFrom

Pan Mine

Develop Gold Rock

Consolidate & Restructure

+150,000 OUNCEGOLD PRODUCTION TARGET

Track record of increasing gold production Solid balance sheet and strong cash flow from Pan Guiding 45 - 48k ounces in FY/2020

Gold Rock drives organic gold production growth Federal mine permitting completed in 2018 2020 PEA shows 56 koz/yr, NPV5% of US$49.7M and a 22.8% IRR

Add on complementary operations Spin out 2.0 Moz Golden Eagle project Growth drives higher multiples, lower AISC Viable path to +150k ounces per year

FIORE GOLDKEY VALUE DRIVERS

4TSX-V: F

Employee Health & Safety

ContingencyPlanning

Flexibility & Strength

Toronto & Denver offices closed, employees remote working Nevada has declared mines essential services Strict precautions and monitoring in place at Pan Mine

Fiore well positioned for the current environment If mining is suspended at Pan, a small team will remain onsite

to manage solution flows Residual leaching of ore would continue to produce gold for

18-24 months if mining suspended

Contract mining means site costs can be reduced rapidly Gold refiners have indicated willingness to pay for delivered gold Fiore would be in strong position to restart following suspension

FIORE GOLDCOVID-19 PANDEMIC RESPONSE

5TSX-V: F

Gold RockPan Mine

OUR ASSETS100% US PRODUCTION AND GROWTH

Golden Eagle

ProductionDevelopmentExploration

>45,000 oz/yr Nevada Gold Production

2.0-million-ounce M+I resource

Federally permitted Nevada Project

Consolidation of complimentary assets -acquisition targets at or

near production

PAN MINESOLID PRODUCTION BASE

7TSX-V: F

PAN MINEAERIAL VIEW

ADR Plant& Ponds

LeachPad

Expa

nsio

n ta

rget

s

North Pit

South Pit

ADR Plant

May 2019

Leach Pad

8TSX-V: F

Gold Ounces Produced

PAN MINE

Steady growth through 2018 and 2019 as mine and leach pad production ramped up

Further production growth in 2020 as the primary crusher delivers increased recovery and ounces

AISC reduction in 2019 as Pan operation matured and reached run-rate production on run of mine basis.

Higher 2020 AISC due to increased stripping, exploration expenditure and crusher working capital ramp-up.

AISC due to decrease in H2 2020.

All-in Sustaining Costs per Ounce1

$0

$200

$400

$600

$800

$1,000

$1,200

2018 2019 2020Guidance

1. All-in Sustaining Cost is a non-IFRS performance measure and is presented as defined by the World Gold Council (“WGC”). Please refer to Non-IFRS Performance measures in the company’s Management’s Discussion and Analysis.

Pan Mine Fiore Gold

INCREASING PRODUCTION AND GENERATING CASH

0

10,000

20,000

30,000

40,000

50,000

2018 2019 2020Guidance

+21%

+8-16%

Q2 2020

Multiple records set across key production, profitability and cash flow metrics

Strong balance sheet to support growth and withstand COVID-19 risk

12,085Gold Ounces Produced

$6.0 millionPan Operating Cash Flow

$3.9 millionFiore Operating Cash Flow

$2.9 millionNet Income

9TSX-V: F

PAN MINEFUTURE UPSIDE Increasing gold production

− 6,000-7,000 additional gold ounces per year with new crushing circuit in operation

Mine life extension – near mine targets− 2018 drilling program extended mining into 2023, >50%

growth in Inferred resources*

− 8.4 million tons of Inferred resources adjacent to existing pits, targeting for conversion to reserves

− Ongoing drilling program aimed at continued resource and reserve expansion and extension of mine life

− New resource update and LOM Plan in H2/2020

Regional exploration potential− 10+ remaining drill-ready exploration targets on the Pan

property, defined by lithology, alteration, & structure as well as gold and trace element geochemistry

*See Note 1 on last slideEx

pans

ion

targ

ets

Mustang target

GOLD ROCKORGANIC GROWTH

11TSX-V: F

GOLD ROCKFEDERALLY PERMITTED ORGANIC GROWTH PROJECT

Federally-permitted satellite operation to the Pan Mine

30% higher grade than the Pan Mine− 83% of resource in Indicated category

Excellent resource growth potential

Regional exploration potential− Infill drilling in areas between planned open

pits− Step out drilling along the 16 km trend of

favourable alteration, structure and gold anomalies

Resource Category

Tonnes (000s)

Grade (g/t)

ContainedMetal

(Au 0z)Indicated 19.0 0.66 403,000

Inferred 3.0 0.87 84,300

2020 Gold Rock Resource Estimate*

*See Note 3 on last slide

12TSX-V: F

GOLD ROCK2020 PEA HIGHLIGHTS

Gold Rock will be built and operated by the same team responsible for the turnaround of the adjacent Pan Mine

PEA envisions shared use of existing Pan infrastructure− Access road, grid power, assay lab, interchangeable mining fleet

Upside from:− Exploration – infill and exploration drilling along a 16+ km long prospective trend

− Metallurgy – pending large diameter core drilling and metallurgical testing

− Geotechnical – steepening pit slopes significantly reduces waste stripping

− Mine Optimization – focused on increased efficiency for waste mining

Production

Throughput (Vat Leach & ROM HL) 6,000 tpd / 4,000 tpd

Recovered Au Ounces 362,751

Average Annual Au Production 55,800 oz

Mine Life 6.5 years

CostsPreproduction Capex US$64.6 million

LOM Average AISC US$1008/oz

$1,400/oz $1,700/oz

Valuation

Pre-tax NPV5% US$49.7 million US$135.3 million

Pre-tax IRR 22.8% 47.5%

Post-tax NPV5% US$32.8 million US$99.4 million

Post-tax IRR 17.8% 39.1%

GOLDEN EAGLE

14TSX-V: F

GOLDEN EAGLE PROJECT2.0 MILLION OUNCE M+I RESOURCE

Top 10 US gold resource outside the major & intermediate producers

Historically mining-friendly Republic district with over 4 Moz of historical production, including Kinross’ Buckhorn and Kettle River Mines

Hecla Mining advancing economic studies on the immediately-adjacent property

Kinross Kettle River mill on care & maintenance, approx. 10 km away by road

Potential for combining assets into Spinco

Minimal holding costs provide low-cost optionality

Category Tonnes Gold Grade (g/t)

ContainedGold

Measured 30.7 Mt 1.49 1.5 Moz

Indicated 14.7 Mt 1.16 0.5 Moz

M+I 45.4 Mt 1.38 2.0 Moz

Inferred 5.4 Mt 0.90 0.2 Moz

*See Note 4 on last slide

Golden EaglePit-Constrained Resource

15TSX-V: F

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

1.60

1.80

0

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

7,000,000

8,000,000

M&I

Gra

de (A

u g/

t)

M&

I Res

ourc

es (A

u oz

)

US GOLD DEVELOPMENT PROJECTSGOLDEN EAGLE REPRESENTS THE 6th LARGEST PRIMARY GOLD EXPLORATION & DEVELOPMENT PROJECTS IN THE UNITED STATES(1)

1. Source: S&P Global – Market Intelligence. Primary gold exploration and development projects held by junior companies with >1Moz M&I resources

11.5M

Golden Eagle represents the second highest grade amongst projects >1Moz

16TSX-V: F

SHARES OUTSTANDING OPTIONS & WARRANTS SHARES – FULLY DILUTED

MARKET CAPITALIZATION 1 NET WORKING CAPITAL 2 CASH 2

FIORE GOLD CAPITAL STRUCTURE

98,047,378 31,107,784 129,155,162

C$88.2M

1. As of May 15, 20202. US$ figures of March 31, 2020, C$ per exchange rate at March 25, 2020Note: The information on this slide relating to pro-forma capital structure may constitute “financial outlook” within the meaning of applicable securities laws in Canada. See cautionary note on slide 2.

WORKING CAPITAL STRENGTH

US$61.3 MC$40.7

US$28.7C$12.7US$9.1

Analyst Coverage

Stephen Soock

Stuart McDougall

Jacob Willoughby

17TSX-V: F

0.00x

3.00x

6.00x

9.00x

12.00x

15.00x

18.00x

Consensus EV/EBITDA (2020)

0.00x

3.00x

6.00x

9.00x

12.00x

15.00x

18.00x

Consensus P/CF (2020)

0.20x

0.40x

0.60x

0.80x

1.00x

1.20x

1.40x

Consensus P/NAV

VALUE PROPOSITIONFIORE UNDERVALUED ACROSS MULTIPLE VALUATION METRICS

JUNIOR PRODUCER PEERS(1)

Peer Mkt Cap (US$M)

Operating Jurisdiction

Production Asset

Pipeline Asset

Wesdome $1,300 Canada Eagle River Kiena

K92 $640 PNG Kainantu -

McEwen $340 Americas Multiple Fenix

Roxgold $370 Africa Yaramoko Seguela

Calibre $340 Latin America Limon, Libertad Pavon

Galiano $270 Africa Asanko -

Endeavour Ag $290 Mexico Multiple Terronera

Americas $290 N. America Multiple Galena

RNX $240 Australia HGO -

Jaguar $220 Latin America Turmalina, Pilar -

Great Panther $150 Latin America Multiple -

FIORE $65 NEVADA PAN GOLD ROCK

1. Peer group of select sub 150kozpa Au Eq producers. 2. 2020 production guidance based on each company’s mid-point estimate for 2020 (pre-COVID), using 110 Ag:Au ratioSource: Company Reports, S&P Capital IQ. Figures calculated as of May 21, 2020.

Avg: 0.71x0.51x

Avg: 9.6x

3.5x

Avg: 12.7x

2.7x

>

>

$0

$2,000

$4,000

$6,000

$8,000EV to 2020 Production(2)

Avg: US$4,200/oz

US$1,190

>

18TSX-V: F

KEY CATALYSTSCATALYSTS OF VALUE THROUGH 2020 AND BEYOND

Gold Rock FS work – commencing 2020

Pan resource expansion drilling – ongoing through H1/2020

Pan reserve and LOM update – H2/2020

Pan & Gold Rock regional exploration – H2/2020

Consolidation of smaller producers through M&A

COMPLETED CATALYSTS

Pan Mine successfully ramped up and generating cash flow

Gold Rock federal permit in hand for mining and processing

Crusher installed & operating at Pan

Gold Rock PEA and resource update

Golden Eagle 2.0 Moz resource update

UPCOMING CATALYSTS

Expand Pan Mine

Develop Gold Rock

Consolidation

150,000 OUNCEGOLD PRODUCTION TARGET

19TSX-V: F

A N U N PA R A L L E L E D O P P O R T U N I T Y

Suite 1410, 120 Adelaide St. WestToronto, ON M5H 1T1

T: +1.416.639.1426info@fioregold.com

w w w. f i o r e g o l d . c o m

Fiore Gold Ltd. TSX-V: F OTCQB: FIOGF FSE: 2FO

20TSX-V: F

FIORE GOLD TEAM

Board of Directors

Mark BaileyPast CEO & Director Minefinders

Anne LabelleFormer VP, Legal & Sustainability Midas Gold

Peter TallmanPresident & CEO Klondike Gold

Matt MansonPast President & CEO Stornaway

Tim WarmanCEO & Director

Ken BrunkPast Newmont Executive

Peter HemsteadCFO Bluestone Resources

Executive Management

Tim WarmanCEO & Director

Ross MacLeanChief Operating Officer

Barry O’SheaChief Financial Officer

Jim WilbournVP, General Counsel

21TSX-V: F

Grade delivered to pad meeting mine plan modeled grade

Phase I and II leach pads operating as designed

No issues with leach pad stability or permeability

IMPACT

PAN MINESUBSTANTIALLY DERISKED AND OPERATING SMOOTHLY

45,000 ft of new drilling Updated resource model On-site assay lab Geologist assigned to pit

Rehabilitated Phase I pad Ore blending strategy Cell by cell flow control

Revised ore stacking procedures On-going 3rd party stability

testing

ACTION

Grade Reconciliation

Heap Leach Permeability

Heap Leach Stability

RISK

22TSX-V: F

RESERVE AND RESOURCE

Mineral Resources*(including reserves)

Tonnes (Mt)

Grade (g/t)

Contained Metal(Au oz)

Pan Measured 6.0 0.60 117,000Golden Eagle Measured 30.7 1.49 1,469,300Total Measured 36.7 1.34 1,586,300Pan Indicated 21.6 0.45 315,000

Gold Rock Indicated 19.0 0.66 403,000

Golden Eagle Indicated 14.7 1.16 548,800

Total Indicated 55.3 0.71 1,266,800Total Measured & Indicated 92.0 0.96 2,853,100

Pan Inferred 7.6 0.45 110,000

Gold Rock Inferred 3.0 0.87 84,300

Golden Eagle Inferred 5.4 0.90 154,700

Total Inferred 16.0 0.68 349,000

Mineral Reserves* Tonnes (Mt)

Grade (g/t)

Contained Metal(Au oz)

Pan - Proven 4.7 0.65 97,500Pan - Probable 12.1 0.46 178,100

Total Proven + Probable 16.7 0.51 275,600

*See Notes on last slide

23TSX-V: F

Notes

1. Pan Mine Resources. Source: Fiore Gold press release of December 3, 2018, effective September 30, 2018. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that any part of the Mineral Resource will be converted into a Mineral Reserve. Pit-constrained resource based on US$1350/oz gold, cutoff grade of 0.17g/t gold for North & Central zones, 0.14 g/t gold for South zone, North and Central area recoveries of 62% for Au and a Southern area recovery of 85% for Au, a mining cost of US$2.02/t, an ore processing and G&A cost of US$3.34/t, and a pit slope of 50 degrees in the North and 45 degrees in the South and Central Areas; Numbers in the table have been converted to metric units and may not sum due to rounding

2. Pan Mine Reserves. Source: Fiore Gold press release of April 9, 2019, effective September 30, 2018. Reserves stated in the table above are contained within an engineered pit design following the US$1,200/oz Au sales price Lerchs-Grossman pit. Reserves for South Pan and South Satellite Pits are based upon a minimum 0.14 g/t Au Internal CoG, using a US$1,200/oz-Au sales price and a Au Recovery of 85%, an Au Sales cost of US$3.48/oz, Ore and Waste Mining Cost = US$2.12/t, Processing and G&A Cost = US$3.80/t and a 4% Net Smelter Royalty (NSR). Reserves for North Pan, Red Hill and Central Pan are based upon a minimum 0.21 g/t Au Internal CoG, using a US$1,200/oz-Au sales price and a Au Recovery of 62%, an Au Sales cost of US$3.48/oz, Ore and Waste Mining Cost = US$2.12/t, Processing and G&A Cost = US$3.80/t and a 4% NSR. Mineral Reserves stated above are contained within and are not additional to the Mineral Resource. Numbers in the table have been converted to metric units and may not sum due to rounding.

3. Gold Rock Resource. Source: Report entitled “Technical Report on the Preliminary Economic Assessment of the Gold Rock Project, White Pine County, Nevada, USA”. Mineral Resource Statement prepared by APEX Geoscience Ltd. in accordance with NI 43-101 with an effective date of March 31, 2020. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There has been insufficient exploration to define the inferred resources tabulated above as an indicated or measured mineral resource, however, it is reasonably expected that the majority of the Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration. There is no guarantee that any part of the mineral resources discussed herein will be converted into a mineral reserve in the future. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, marketing, or other relevant issues. The Mineral Resources have been classified according to the CIM Definition Standards for Mineral Resources and Mineral Reserves (May 2014). All figures have been rounded to reflect the relative accuracy of the estimates. The mineral resources are reported at a cut-off grade of 0.09 g/t gold, based on a gold price of US$1,500 per ounce.

4. Golden Eagle. Press release of May 19, 2020 entitled “Fiore Gold Reports 2.0 Million Ounce Measured And Indicated Resource At Its Golden Eagle Project, Washington State, USA”. Mineral Resource Statement prepared by Global Resource Engineering Ltd.. in accordance with NI 43-101 with an effective date of March 31, 2020. Mineral Resources arenot Mineral Reserves and do not have demonstrated economic viability. There has been insufficient exploration to define the inferred resources tabulated above as an indicated or measured mineral resource, however, it is reasonably expected that the majority of the Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration. There is no guarantee that any part of the mineral resources discussed herein will be converted into a mineral reserve in the future. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, marketing, or other relevant issues. The Mineral Resources have been classified according to the CIM Definition Standards for Mineral Resources and Mineral Reserves (May 2014). All figures have been rounded to reflect the relative accuracy of the estimates. The mineral resources are reported at a cut-off grade of 0.09 g/t gold, 48sed on a gold price of US$1,500 per ounce.

RESOURCES AND RESERVES